Grid-Parity Rooftop Solar Project (ADB-49087-001)

  • Thailand
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 2, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Thai-Sunseap Asset Company Limited
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 43.56 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 43.56 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 116.15 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 15, 2019

Disclosed by Bank Aug 24, 2017

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Project Description

According to the bank website, The project involves the rollout and operation of multiple solar photovoltaic installations, each with a capacity ranging from 400 kilowatts-peak (kWp) to 10 megawatts-peak (MWp), on rooftops or elsewhere on the premises of commercial and/or industrial buildings owned or leased by host companies in Thailand up to an aggregate capacity of 100 MW and will be installed at no up-front cost to the host companies. The project will enter into long-term power purchase agreements directly with the host companies. Electricity will be sold at a discount to the price of electricity purchased from the fossil fuel-dominated national grid, thereby achieving solar power production at parity with the grid. The project aims to demonstrate the viability of nonsubsidized solar power in Thailand, as it will not be relying on the Thai feed-in tariff (FIT) regime.

Investment Description
  • Asian Development Bank (ADB)
Private Actors

According to ADB, Thai-Sunseap Asset Company Limited, a special purpose project company 55% owned by Weng Holding, Sombath Phanichewa and his immediate family members and 45% by Sunseap Group. The Thai-Sunseap Asset Company Limited in turn owns 100% of subprojects up to an aggregate capacity of 100MW.

Weng Holding is a privately held company that is part of an industrial conglomerate (the Weng Group), which is a leading glass industry supplier in Thailand and operates a varied number of additional businesses including manufacturing of glass blocks and chemically-strengthened glass, Nissan automobile dealerships and various real estate and hotel investments throughout Thailand. The Weng Group also holds significant minority shareholdings in numerous companies in Thailand, including Siam City Insurance, Kiarti Thanee Country Club, Thai Public Port, and C on Top (8MW solar farm in Chonburi).

Sunseap Group is a leading developer and largest owner of rooftop solar PV systems in Singapore with more than 163 MWp of contracted capacity. It has won five out of six solar tenders called by the Singapore government to date which amounts to a total capacity of 133 MWp to install PV panels on the roofs of a number of public housing (HDB) and other government properties. The current commissioned capacity is more than 60 MWp (as of 1H 2016) which is scheduled to reach 86 MWp by the end of FY2016 as the rooftop projects are being implemented in phases. Sunseap Group is currently owned by two founders (Frank Phuan and Lawrence Wu) and other minority shareholders including individuals and venture capitals.

Contact Information

Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Infrastructure Finance Division 2
Responsible ADB Officer Hong, Won Myong


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